the rennie advance - December 2021

the rennie advance A BRIEF UPDATE ON THE LATEST SALES, LISTINGS, AND MEDIAN SALE PRICES ACTIVITY

published December 2021

table of contents

The rennie advance is a summary of the latest sales, listings, and price trends in the Vancouver Region. It is produced at the beginning of each month and it reflects the latest market data. On behalf of the rennie intelligence team, we hope you find it useful and informative.

2 I N T R O

3 S A L E S

4 T O T A L L I S T I N G S

Ryan Berlin DIRECTOR OF INTELLIGENCE & SENIOR ECONOMIST rberlin@rennie.com

Ryan Wyse SENIOR ANALYST rwyse@rennie.com

5 P R I C E S

6 R E N N I E I N T E L L I G E N C E

highlights • November’sMLShomesalesintheVancouverRegionwereverystrong,withthe5,328 transactionsrepresentinga32-yearhighforNovember. • WhilesaleswerevirtualyunchangedfromOctober,theywerehigherthanthepast10-year Novemberaverageby43%,andwere4%abovethenumberofsalesfromNovember2020. • Onayear-over-yearbasis,salesofdetachedhomesandtownhomeswerehigherby15%and10%, respectively.Condosales,ontheotherhand,increasedby36%–areflectionofbuyers’renewed interestinhigher-densityhousingoptionsasthepandemicrecoverycontinues.

THERENNIEADVANCE sales

NOVEMBER 2021

4,000

-15% vsNov2020

3,500

3,000

2,500

2,000

1,560 10 yrNovAvg

1,500

1,799

1,000

DETACHED sales

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 0 500

+15% vs10yrNovAvg

● November ﹍ 10 yrNovemberAverage

-10% vsNov2020

1,000 1,200 1,400 1,600

960

719 10 yrNovAvg

200 400 600 800

TOWNHOME sales

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 0

+34% vs10yrNovAvg

● November ﹍ 10 yrNovemberAverage

3,500

+36% vsNov2020

3,000

2,500

2,443

2,000

1,522 10 yrNovAvg

1,500

1,000

CONDO sales

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 0 500

+60% vs10yrNovAvg

● November ﹍ 10 yrNovemberAverage

Copyright©December2,2021renniegroupofcompanies.Alrightsreserved.Thismaterialmaynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenpermisionoftherenniegroupofcompanies.CurentasofDecember2,2021.AldatafromRealEstate BoardofGreaterVancouverandFraserValey&Rennie.Whiletheinformationanddatacontainedhereinhasbenobtainedfromsourcesdemedreliable,acuracycanotbeguaranted.renniegroupofcompaniesdoesnotasumeresponsibilityorliabilityforanyinacuracies.The recipientoftheinformationshouldtakestepsastherecipientmaydemnecesarytoverifytheinformationpriortoplacinganyrelianceupontheinformation.Theinformationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbe obtainedfromarennieandasociatesadvisor.Alinformationissubjecttochangeandanypropertymaybewithdrawnfromthemarketatanytimewithoutnoticeorobligationtotherecipientfromrenniegroupofcompanies.E.&O.E.

●

highlights • Totalinventorycontinuestocontracttohistoricaly-lowlevels,withNovember’s9,530listings representingthefewestinmorethan30years.Inventorywasalsodown11%comparedto October,withcondoslistingscontractingby12%,detachedhomesby11%,andtownhomesby 10%. • ComparedtoNovember2020,totalinventoryintheVancouverRegionwas40%lower,with townhomesrecordingthelargestyear-over-yeardeclineof55%,folowedbydetachedhomes (45%)andcondos(30%). • Withdemandremainingelevatedinthefaceofwaningsupply,thesales-to-listingsratioincreased acrosalhometypescomparedtoOctober2021,to43%fordetachedhomes,95%for townhomes,and60%forcondos-areflectionofstrongselers’marketconditions.

THERENNIEADVANCE total listings

NOVEMBER 2021

14,000

-30% vsNov2020

12,000

10,000

8,000

8,015 10 yrNovAvg

6,000

4,000

DETACHED listings

4,222

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 0 2,000

-47% vs10yrNovAvg

● November ﹍ 10 yrNovemberAverage

1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500

-55% vsNov2020

2,416 10 yrNovAvg

TOWNHOME listings

1,013

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 0 500

-58% vs10yrNovAvg

● November ﹍ 10 yrNovemberAverage

12,000

-45% vsNov2020

10,000

8,000

6,000

6,061 10 yrNovAvg

4,000

CONDO listings

4,076

2,000

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 0

-33% vs10yrNovAvg

● November ﹍ 10 yrNovemberAverage

●

highlights • Comparedtolastmonth,medianpricesacrosalhometypeswereupintheGreaterVancouver boardarea.Fordetachedhomesandtownhomespriceswere5%higher,andforcondostheyrose 2%.ComparedtoNovember2020,mediantownhomesoldpriceswere27%higher,folowedby detachedhomesat25%,andcondosat13%. • TheFraserValeyboardareasawmedianpricesincreaseaggresivelyonamonth-over-month basisacrosalhometypes,withdetachedhomes,townhomes,andcondosrecordingincreasesof 7%,5%,and6%respectively.ComparedtoNovember2020,detachedhome,townhome,and condomedianpriceswerehigherby41%,35%,and28%,respectively. • -

THERENNIEADVANCE median prices

NOVEMBER 2021

$2,000,000

+25% vsNov2020 Greater Vancouver

$1.85M $1.55M

$1,600,000

$1,200,000

$800,000

DETACHED median salesprice

FraserValey

$400,000

+41% vsNov2020

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 $0

━ GreaterVancouver ━ FraserValey

● November

$1,000,000

Greater Vancouver

$999,900

$800,000

$822,000

+27% vsNov2020

$600,000

$400,000

TOWNHOME median salesprice

$200,000

FraserValey

+35% vsNov2020

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 $0

━ GreaterVancouver ━ FraserValey

● November

$1,000,000

+13% vsNov2020 Greater Vancouver

$800,000

$667,500 $510,000

$600,000

$400,000

CONDO median salesprice

FraserValey

$200,000

+28% vsNov2020

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 $0

━ GreaterVancouver ━ FraserValey

● November

●

the data behind rennie .

The rennie intelligence team is composed of our in-house demographer, senior economist, and market analysts. Together, they empower our developer clients, rennie advisors, institutional advisory clients, and the entire rennie team with comprehensive data and a trusted market perspective. With data as the backbone to our thoughtful real estate practice, we help our clients form and execute sound, well-considered plans to achieve their goals.

Reach out to your rennie representative to learn more and to receive these publications on a regular basis, or visit us at intelligence.rennie.com

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